Morgan Stanley Announces First Quarter Results

New York, February 20, 2003 — Morgan Stanley (NYSE: MWD) will hold its first quarter investor conference call, hosted by Chief Financial Officer Stephen S. Crawford, on Thursday, March 20, 2003 at 10:00 am Eastern time. The call will be available via the worldwide web at www.morganstanley.com or by dialing 1-877-810-2623 (passcode 138265) in the United States. International callers dial 1-617-786-1488 (passcode 138265). A playback of the call, as well as a replay of the webcast, will be available through April 3, 2003. To listen to the playback, dial: 1-888-286-8010 (passcode 72886681) within the United States, or 1-617-801-6888 (passcode 72886681) internationally.

Morgan Stanley is a global financial services firm and a market leader in securities, investment management and credit services. With more than 600 offices in 28 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.

To access the webcast, please click here.

To access the press release, please click here.